Here’s another “wakerider” bill – legislation introduced on the heels of a newsworthy event – dealing with the collapse of Fannie Mae and Freddie Mac (discussed earlier here and here):

S. 3471, a bill to prohibit government-sponsored enterprises from making lobbying expenditures, political contributions, or other certain contributions. (I’m sure they meant “certain other” contributions.)

This is good, though. Part of the way these organizations shifted the risk of loss to the taxpayer (i.e. you) was by lobbying like crazy, spending something like $174 million on it over the last ten years.

Now, this bill is obviously too little too late. The damage is done and the new regulatory overseer of the Macs has reportedly said “All political activities, including all lobbying, will be halted immediately.” But maybe putting in law will make sure that stays true.

Here’s the current vote on S. 3471. Click to vote, comment, learn more, and edit the wiki article about the bill.